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Chinese auction. A Chinese auction is a combination of a raffle and an auction that is typically featured at charity, church festival and numerous other events. Can also be known as penny social, penny sale, tricky tray or pick-a-prize according to local custom, or to avoid causing offense.
A forward auction is the most common type of auction and it consists of one seller, and many potential buyers. This type of auction has been used for centuries, obviously way before the internet has been invented. A forward auction can either be B2B, B2C, or C2C. Four types of forward auctions are the English auction, the Yankee auction, the Dutch auction, and the Free-fall auction.